October 2017 Big Bear Real Estate Stats/CA Market Forecast

As we are almost up to the beginning of the Holiday Season, we are down to only 342 Single-family residences left on the market in the Big Bear MLS. As we have discussed in the past, the inventory normally starts to drop after summer, but when combined with the finalization of the Aspen acquisition of our local resorts this year, it has plummeted this year to levels we normally only see at the end of the winter season in Feb. or March! Below are the stats for last month. I’m considering starting to combine BBL-general and BBL-lakeview because so many agents are listing properties as “lakeview” even if they are 2 miles from the Lake, with only a peek-a-boo view, that it can make the stats misleading for that category.

Area

#Sales

Avg. Sale

Avg. $/sqft

SP/LP

DOM

BBC

43

$229,946

$203.67

97.98%

119

BBL-general

18

$381,378

$258.67

97.70%

107

BBL-lakeview

12

$520,708

$228.37

98.11%

168

BBL-Lakefront

4

$1,670,000

$451.03

87.92%

451

FAWN

4

$298,850

$174.77

94.90%

270

FAWN-Lakefront

2

$974,950

$585.18

100.0%

278

FOX

12

$590,208

$250.48

97.92%

133

MOON

30

$353,317

$235.91

98.08%

86

Here’s a link from the San Diego Association of Realtors (which we also belong to, in order to give more exposure to our listings). According to the article:

“With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, C.A.R. said. However, C.A.R. said a shortage of available homes for sale and affordability constraints will continue to be a challenge.

The California median home price is forecast to increase 4.2 percent to $561,000 in 2018, following a projected 7.2 percent increase in 2017 to $538,500.

“This year’s housing market can be told as a tale of two markets, the inventory constrained lower end and the upper end that’s non-inventory constrained,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “This trend is likely to continue into 2018 as active listings have declined across all price ranges for the past two years, but is most obvious at the lower end.years, but is most obvious at the lower end.”